Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $390.00

Cadence Design Systems (NASDAQ:CDNS) had its target price raised by JPMorgan Chase & Co. from $330.00 to $390.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

A number of other research firms have also issued reports on CDNS. Robert W. Baird raised their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an “outperform” rating in a research note on Monday. Mizuho raised their price target on Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a research report on Tuesday. Loop Capital boosted their price objective on Cadence Design Systems from $340.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. The Goldman Sachs Group started coverage on Cadence Design Systems in a report on Thursday, July 10th. They issued a “buy” rating and a $380.00 target price on the stock. Finally, Piper Sandler reiterated a “neutral” rating and set a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $364.33.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $364.57 on Tuesday. Cadence Design Systems has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The stock’s 50-day moving average is $312.60 and its two-hundred day moving average is $290.37. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90. The firm has a market cap of $99.54 billion, a P/E ratio of 98.53, a price-to-earnings-growth ratio of 4.88 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm posted $1.28 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James D. Plummer sold 868 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director owned 23,996 shares of the company’s stock, valued at $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president owned 105,499 shares of the company’s stock, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,698 shares of company stock worth $1,126,667. 1.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Smallwood Wealth Investment Management LLC bought a new stake in Cadence Design Systems in the first quarter valued at $25,000. Costello Asset Management INC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth about $25,000. Saudi Central Bank bought a new stake in shares of Cadence Design Systems in the 1st quarter worth about $27,000. Valley National Advisers Inc. increased its position in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after purchasing an additional 99 shares in the last quarter. Finally, Barrett & Company Inc. bought a new position in Cadence Design Systems during the 2nd quarter valued at about $31,000. Institutional investors own 84.85% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.